The number of completed Mortgages is down by 52%
The Council of Mortgage Lenders figures show that mortgage lending has fallen for another month from 32,400 mortgages completed in December, 2008 to 23,400 in January, 2009. The number of competed mortgages is down by 52% on January 2008 when 48,600 mortgages were completed. Money is still tight and the banks still have little appetite to lend and the thought of a quick mortgage can only be a dream at the moment. Although there is a glimmer of light flickering through the dark tunnel as banks start to drop their rates to around the 4% to 5% mark for a two or three year fixed rate.
If you are one of the millions of people who need a mortgage or a remortgage over 75% loan-to-value and you have missed a credit card or loan payments in the last twelve months, then I am afraid to say that these new rates are not available to you. But other interest rates around the 9.89% mark are available for anyone with a missed payment. God forbid that you have arrears, defaults and or a county court judgement then you will find it impossible to find a mortgage or remortgage.
The Halifax released their latest house price index, which has shown a 17.7% fall in house prices in the past year. They reckon that the average house price has fallen by £94.87 a day during 2008. Let’s hope that house prices have reached the bottom and that they will now stabilise.
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[...] Random Feed wrote an interesting post today onHere’s a quick excerptThe number of completed Mortgages is down by 52% The Council of Mortgage Lenders figures show that mortgage lending has fallen for another month from 32,400 mortgages completed in December, 2008 to 23,400 in January, 2009. The number of competed mortgages is down by 52% on January 2008 when 48,600 mortgages were completed. Money is still tight and the banks still have little appetite to lend and the thought of a quick mortgage can only be a dream at the moment. Although there is a glim [...]
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